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All You Need To Know About Ethereum

What is Ethereum?

The cryptocurrency market value is expected to grow at 7.2% post-2022. A major driving force of this rise is Ethereum, one of the most popular names in the industry. While it is often wrongly labeled a cryptocurrency, it is much more than that.

Ethereum is a decentralized blockchain network featuring smart contracts. These contracts are self-executing lines of code recorded in the distributed network. They work in integration with blockchain forming underlying technology behind several decentralized applications.

The network is gathering increasing attention and currently hosts a coin larger in volume than Bitcoin. Specifically, the circulating volume of ETH is 122 million—10 times more than that of BTC. Since its introduction, the Ethereum price has gained 1500%, and the Ethereum price prediction point surpassed Bitcoin.

What is Ethereum?

Ethereum is a 100% open-source platform for data scientists and Ethereum mining. Users get on the platform to build securely backed digital technology. Powered by blockchain technology of its own, the program is highly scalable, secure, and customizable.

With its high functionality, Ethereum has become the most sought-after platform for dApp developments. The network contributed to half of the decentralized finance market of 2022. The network’s primary purpose is to democratize most operations of governments and organizations.

Banks and major organizations seem to trust Ethereum more than Bitcoin. 84% of major financial institutions supported R3, an Ethereum-based start-up that troubleshot a blockchain issue in their presence.

History of Ethereum

Vitalik Buterin, who founded Ethereum, had the idea of decentralized technology in 2013. The Ethereum founder mentioned in an interview that he could not move ahead with the project due to a lack of funds. Vitalik turned to crowdfund, and Ethereum was successfully launched in 2015.

Dr. Gavin Wood supported young Vitalik with his vision and turned it into a reality. Today, Ethereum sits at par with the largest crypto—Bitcoin. Analysts are confident that the platform will overtake Bitcoin as the technology develops further.

Ethereum now has a market value of 157.9 billion USD and operates as an open-source crypto platform. It involves a team of developers behind the system that make consistent improvements.

What is Ether?

Ethereum is most notably known for its token Ether. When finding the Ethereum definition, it’s common for people to confuse it with Ether instead. Ethereum meaning isn’t different from that of Ether’s. Ether is the native token under the Ethereum blockchain.

Participants of the Ethereum blockchain trade in Ether to either monetize or use it to purchase tangible goods and services where accepted. Unlike BTC, Ether does not have a supply cap in place. However, the Ethereum founder Vitalik is considering adding a supply limit to prevent inflationary trends.

Ether has garnered immense interest from traders and investors alike. As per data by CoinDesk, the crypto has outperformed the stock market more than 100 times since 2017. Thus, people are actively interested in trading Ether.

How to trade ETH?

Ether can be bought, sold, and stored in the Ethereum Wallet or any wallet that supports the Ethereum blockchain. But what is the Ethereum wallet? These wallets are offline or online platforms connecting users to the Ethereum network. Online, the Ethereum wallet is an application where users can access and interact with their Ethereum Accounts.

How does Ethereum work?

Similar to other cryptocurrencies, how Ethereum works is under blockchain technology that records and stores information in a distributed ledger. Ethereum miners previously needed to solve complex mathematical problems for validation. This procedure is called the ‘proof of work’ mechanism.

While Bitcoin is validated with the Proof of Work mechanism, ETH has shifted to the new Proof of Stake method. The shift was announced in September 2022 and the coin reported reducing 99.99% of its carbon emissions. Ethereum is recording a movement toward becoming green crypto.

In the new proof of stake mechanism, Ethereum mining requires users to put their pre-owned coins at stake to validate the mining. It uses an algorithm called the consensus mechanism, which monitors the ETH mined.

Ethereum vs Bitcoin

The Ethereum blockchain is highly versatile and programmable. It allows users to build secure and customizable dApps and tokens. On the other hand, the bitcoin network was programmed to support only BTC.

While Ethereum was developed to revolutionize business and institutional operations in a diverse sense, Bitcoin was formed to establish itself as a secure payment method. 

The transaction fee mechanism also differs under the two blockchain networks. In Bitcoin’s case, the gas fees are absorbed by the parent network. In Ethereum, however, the participant has to pay the gas fee for transactions.

What is Ethereum actually used for?

Vitalik introduced the Ethereum blockchain with one goal: To implement the technology with a diverse range of applications across industries. The platform runs decentralized applications and allows users to make direct monetary transactions and agreements.

Ethereum acts as the parent network for almost 3/4th of all ICOs. The blockchain offers unlimited features and a wide range of applications. Most relevantly, the underlying smart contracts assist in secure and direct transactions.

Ethereum also contributes significantly due to the decentralized financial system. The technology eliminates the lengthy banking and monetary system formalities, forming a safer, quicker, and healthier platform.

Who founded Ethereum?

A millennial programmer, Vitalik Buterin first thought of the underlying concept of Ethereum and put it to paper in 2013. He published a whitepaper explaining the rationale and vision behind his idea.

Reportedly, Vitalik had the idea of decentralization when World of Warcraft weakened his in-game character. Frontier, the first beta version of the Ethereum blockchain, was launched in 2015.

The blockchain network was eventually launched in 2015 with eight members working on its foundations. Ethereum and its underlying coin, Ether, received extreme support from the public, and the coin went on to become one of the most valuable cryptos.

Is Ethereum a good investment?

ETH has been backed by multiple Fortune 500 companies, making it a worthwhile investment. The Ethereum network is expected to cross the Bitcoin chain and rule the crypto industry. Considering the rate of development in ETH, the fact is entirely plausible.

The Ethereum to USD rates have seen a massive comeback after the recent collapse in the pandemic era. Ethereum has stood firm in the past few months while the stock market dropped under global uncertainties.

Analysts believe that the coin is trading at an extreme discount. The Ethereum price is currently $2000, a fall from the November 2021 rate of $5000.

Platforms to buy Ethereum coins?

To invest in ETH and join the crypto market, you can head to a popular trading platform that supports Ethereum. These include CoinBase, Gemini, Binance, and more. After creating your account in any of these exchanges, you are required to deposit funds into the account to start trading Ethereum.

Finally, after buying your first ETH coin, you can withdraw the digital currency and add it to your crypto wallet. This can be an online and offline wallet that will store your private and public keys and proof of ownership to your ETH.


Amazon, Gucci, Tag Heuer, and other giant companies are accepting payments in Ether. The Russian government has endorsed and supported the Ethereum blockchain network. The future of Ethereum is improving drastically, and we have already witnessed rapid developments. Consequently, Ethereum price predictions are reaching the sky.

Ethereum’s recent shift to the proof of stake mechanism has impressed seasoned investors and has made a strong mark on the industry. The upgrade has also added significant capacity to the network and is expected to dampen congestion and gas fees.

The network plans to scale in 2023 with ‘Sharding’. The process involves dividing the database amongst its network, allowing more validators to work on the procedure. The development is predicted to speed up reaching the consensus.

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